Cryptocurrency payment provider Uquid has announced new verification rules set to go into effect for users in France. In recent months, the French government has implemented two decrees which will have an impact on the prepaid debit cards issued to individuals with registered addresses in France.
In summary, these decrees apply to all prepaid cards issued to individuals with registered addresses in France which:
(a) are reloadable,
(b) allow for online spend, or
(c) allow for cash access must be registered to a verified individual and cannot have a balance that exceeds EUR 10,000 at any time.
Due to the characteristics of the Uquid card, these rules will apply to cards with registered addresses in France.
Therefore, effective 1st May 2017, if identification documents have not been verified or your card balance exceeds EUR 10,000, users cards will be moved into suspended status by the card vendor.
If a card is moved into suspended status, users will not be able to add, spend or withdraw funds until the card has been verified. Uquid recommends that active cardholders ensure that they are compliant with the new rules to avoid any disruption to their card functionality
Non-Verified Cardholders Residing in France:
If a user is a non-verified cardholder residing in France, they still must submit identity documents to maintain access to your funds. Verification of documents can take 5-10 business days.
Verified Cardholders Residing in France:
If already verified, nothing needs to be done. However, Uquid stated to be aware that balances more than EUR 10,000 are not allowed.